Sustainable Banking as a Driver for Growth: A Survey of Nigerian Banks

Financial services regulators in Nigeria increasingly see sustainable banking as an avenue to promote the sustainable development of the nation. As such, key regulators have established and continue to improve frameworks, guidelines and regulations mandating banking institutions to implement sustainability in their business operations and activities.

Nigeria’s Senate passes the Petroleum Industry Governance Bill

Nigeria’s Senate, during its plenary session on 25 May 2017, passed the Petroleum Industry Governance Bill (“PIGB” or “the Bill”) following the recommendation of the Joint Committee of the National Assembly on Petroleum (upstream, downstream and gas).

FEC Approves Revised National Tax Policy

FG introduces new interest rate regime for outstanding tax payments

In its renewed bid to minimise tax evasion, deter non-compliance and promote voluntary compliance, the Federal Government of Nigeria has announced a new interest rate regime for unpaid taxes.

Voluntary Pension Contribution – Arresting the tax leakage from withdrawals?

The Pension Reform Act 2014 (“PRA” or “the Act”) and the repealed Pension Reform Act 2004 played a great role in ensuring employers and the employees in Nigeria save for employees’ retirement.

Regulatory Alert: National Assembly Investigates Abuse of Pioneer Status

The House of Representatives, in exercise of its powers under the Nigerian Constitution, has set up an ad-hoc committee (the Committee) to investigate perceived abuse of pioneer status tax incentive by companies operating in Nigeria.

Rising Concerns in Cyber Security

  Rising global apprehensions in cyber security were once again highlighted on Friday, 12 May 2017, when the world experienced the wrath of a well-coordinated Ransomware attack, known as WannaCry. Watch Tope Aladenusi, Head, Cyber Risk Services, Deloitte West Africa, as he joins other discussants on CNBC Africa to examine the “Rising concerns in Cyber Security”.

Protecting yourself and your organization from ransomware

There was a time in Nigeria when kidnapping was the order of the day. Recently we have heard of high profile kidnappings where the abductors would take innocent people and demand a ransom from their family members and loved ones before they are released. It may interest you to know that cybercriminals have designed mechanisms whereby they can also “kidnap” your critical information and demand for a ransom to get it released. Ransomware are software used by attackers to encrypt, or lock your information, making it unreadable and unusable. The attackers would demand for a ransom to be paid before they can release such information. It is a criminal business model that has proven extremely profitable as some of the advanced actors stand to make millions of dollars from the ‘trade’. What makes it very effective is the lack of a backup system which raises the chances that the victim…

Guidance with Ransomware attack (WannaCry)

One of the worst global cyberattack started on Friday, 12th of May 2017, and has affected more than 200,000 system in more than 150 countries across the globe. The attack is a ransomware (a malicious program that encrypts data on a system and demands for a ransom before the files are decrypted) variant which exploits Windows systems with an earlier reported vulnerability listed in one of Microsoft’s security bulletin, MS17-10. The ransomware dubbed “WannaCry” requests a ransom of USD 300 to obtain the decryption key. The European and America continent have been the worst hit by the ransomware, but lately, there have indications of infections within Nigeria especially around Lagos and Abuja, and more systems are getting infected by the minute. There have been efforts to takedown the attack but there have also been reports that a new variant of the ransomware has been developed to evade the current takedown…

Deloitte Cyber Security Bulletin

Security Intelligence Google Docs Phishing Campaign Source: us-cert.gov A phishing campaign that affected Google Docs users has been reported. The campaign used spoofed email addresses to target users with emails purporting to share a document for collaboration. Once the targeted users accepted invitations, they were encouraged to allow the phishing program access to their email accounts. Google has taken action to protect users, including removing the fake Google Docs pages and disabling the offending accounts.

Taxation of entertainers and sportsmen in Nigeria – What, how and where?

It is trite that around the world, entertainers and sportsmen are some of the highest paid individuals. Their sources of income are vast, ranging from performance and appearance fees to endorsement deals, royalties from image rights, tournament participation fees, etc. These incomes are often earned in multiple jurisdictions, which can potentially make accounting for appropriate taxes complicated. It is thus no surprise that many advanced economies have special tax regimes for such individuals, both resident and non-resident, to ensure that no potential tax revenue is permitted to escape assessment and collection.